PARIS: Bank of France head Francois Villeroy de Galhau said French banks were stable and profitable and had good liquidity and capital positions, as he also welcomed Switzerland’s move for UBS to buy Credit Suisse.

“They have diversified business models, which are profitable. They have strong risk controls and, above all, they have very important levels of liquidity and capital,” Villeroy told France Inter radio on Monday.

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Villeroy, who is also a member of the European Central Bank (ECB), reaffirmed that the ECB was determined to bring down inflation, and that he expected global agricultural prices to go down in June, which should help ease pressures on food prices.